AOL just bought news site Huffington Post for $315 million—$300 million in cash. HuffPo founder Arianna Huffington will become editor of all AOL "content properties." That sound you just heard was the whole internet going "Whaaaaat?"

Somewhere, right now, Tina Brown is trying to sell The Daily Beast to Compuserve. Huffington and AOL CEO Tim Armstrong, who are both in Dallas for the Superbowl (again, whaaat) sat down with All Thing D's Kara Swisher in the video to your left. Apparently, Armstrong approached Huffington last November, and made the official offer quickly thereafter, in January of this year (while Huffington was in Davos, natch).